SOCI W3324 Lecture Notes - Lecture 2: Household Debt, Financial Instrument
18 Sep 2017
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The slum is no longer a fully negative term as it was 20 years ago, but now has a slight positive connotation. The making of instruments that enable the use of modest assets to build a powerful financial instrument: e. g. the sub-prime mortgage for low to modest income households. This is an example of an asset backed security that makes use of the poorer chunk of households, suggests that they buy houses, producing 16. 5 mil mortgages, then utilizes this tool to benefit the upper elements. Creation of a foreclosure industry--2. 9 mil foreclosures per year at peak. This has now entered europe and is heading east. Ru(cid:374)awa(cid:455) household de(cid:271)t to perso(cid:374)al disposa(cid:271)le i(cid:374)(cid:272)o(cid:373)e (cid:894)e(cid:454)(cid:272)ept ger(cid:373)a(cid:374)(cid:455) a(cid:374)d japa(cid:374) wtf?! (cid:895) 40% of hungarian debt is owned by foreign banks. The urban space actually helps reduce the power of multinationals. New york metro area-- bil in purchasing property (10% growth) Very little latin america, but there is a growth at this point.
